2013 COMPLIANCE CALENDAR FOR CALENDAR-YEAR RETIREMENT, HEALTH AND WELFARE BENEFIT PLANS ANDREA I. O BRIEN, ESQ. VI D. NGUYEN, ESQ.

Transcription

1 2013 COMPLIANCE CALENDAR FOR CALENDAR-YEAR RETIREMENT, HEALTH AND WELFARE BENEFIT PLANS ANDREA I. O BRIEN, ESQ. VI D. NGUYEN, ESQ. ISLER DARE, P.C. (703)

2 JANUARY 2013 By January 1, verify with broker or medical insurance company that MSP data reports have been filed with CMS By January 13, post Schedule SB (actuarial information on any defined benefit pension plan) on company intranet for 2011 plan year, assuming 5500 was filed by October 15, 2012 By January 15, fund 4 th quarterly contribution to any defined benefit pension plan for the 2012 plan year By January 31, verify retirement plan recordkeepers have provided 1099-Rs to participants who received distributions Schedule quarterly meetings of Benefits Committee through December 31 Review health/welfare plan premiums before loading them into the first Payroll file Once new deductions have been loaded into internal systems [401(k) deferrals and health/welfare plan premiums & deductions], review after first Payroll file to make sure everything is correct Verify that contracts for all benefit providers have been signed, including insurance policies, administrative services agreements, and HIPAA business associate agreements Update intranet site with new plan documents, SPDs, policies & forms. Provide information to retirement plan recordkeepers for any annual compliance questionnaires that they request 2

3 FEBRUARY 2013 By February 15 th, confirm that 401(k) plan recordkeeper has provided quarterly statements to 401(k) plan participants, which include new fee disclosure information By February 28, verify retirement plan recordkeepers have filed 1099-Rs with IRS (due date is March 31 if filing is done electronically) By February 28, file disclosure with CMS on Medicare Part D creditable coverage status (electronic filing only) By February 28, pay PBGC estimated flat-rate premium payments, if a large defined benefit pension plan (with more than 500 participants) was maintained during the prior plan year Work with retirement plan recordkeepers to coordinate minimum coverage testing, 402(g) limit testing, 401(k) and 401(m) ADP/ACP testing, 415 limit testing and top-heavy testing for retirement plans for previous year Work with FSA/125 plan recordkeepers or brokers to perform 105(h), 125, and 129 testing for the prior year, and projected testing for the current year Have quarterly meeting of Benefits Committee to review 2012 year-end investment performance, fees, plan administration data, and plan operational issues 3

4 MARCH 2013 By March 15, fund all company contributions to retirement plans in order to deduct contributions (unless due date for corporate tax return is extended until September 15) By March 15, refund all corrective distributions in order to cure failed ADP/ACP tests for 401(k) plan without paying 10% penalty excise tax By March 29, actuary for any defined benefit pension plan should issue certified AFTAP By March 31, file Form 8928 to report any excise taxes attributable to noncompliance with certain group health plan requirements (COBRA; HIPAA special enrollment, portability and nondiscrimination rules; newborn and mothers health; and mental health parity), unless Form 7004 has been timely filed to extend deadline for corporate tax return to September 15 th By March 31, file RDS reconciliation (if any) with CMS for 2011 plan year (due 15 months after end of year) 4

5 APRIL 2013 By April 1, verify that initial required minimum distributions have been paid by retirement plan recordkeepers for participants who turned 70-1/2 in prior year By April 1, verify with broker or medical insurer that MSP data reports have been filed By April 15, distribute excess 402(g) deferrals under 401(k) Plan Schedule open enrollment planning meeting with broker/consultant to discuss potential design changes; PPACA health reform changes for 2014 Begin HIPAA compliance for 2013, since new regulations take effect by September 23, 2013 (update policies and procedures; BAAs; Notice of Privacy Practices, provide training, etc.) Begin retirement plan audits By April 15, fund 1 st quarterly contributions to any defined benefit pension plan for the 2013 year By April 15, file PBGC Form 4010 (Notice of Underfunding) if AFTAP is less than 80% for the prior plan year By April 30, distribute Annual Funding Notice for defined benefit pension plans with more than 100 participants By April 30, pay to PBGC flat rate and variable rate premiums for small defined benefit plans (less than 100 participants) By April 30, provide Notice of Benefit Restrictions under IRC Section 436 if defined benefit pension plan s certified AFTAP is less than 80% as of 4/1/2013 and notice has not previously been provided 5

6 MAY 2013 By May 15, verify 401(k) plan recordkeeper has provided quarterly statements under 401(k) Plan, including fee disclosure information Have quarterly meeting of Benefits Committee to review investment performance, fees, plan administration data, and plan operational issues for quarter ending 3/31 JUNE 2013 By June 15, file Form 8928 to report any excise taxes attributable to noncompliance with certain group health plan requirements (COBRA; HIPAA special enrollment, portability and nondiscrimination rules; newborn and mothers health; and mental health parity), provided that Form 7004 has been timely filed 6

7 JULY 2013 By July 1, verify with broker or medical insurer that MSP data reports have been filed with CMS Obtain renewals from all vendors By July 15, pay 2 nd quarterly contribution to defined benefit pension plan for 2013 plan year By July 29, distribute Summaries of Material Modifications or revised SPDs for any material changes made to calendar year plans that were adopted in 2012 By July 31, file Forms 5500s and 8955-SSA for all retirement plans, and for all health and welfare plans with more than 100 participants (or Forms 5558 extending date to October 15) By July 31, provide notice to any terminated vested employee reported on Form 8955-SSA describing the amount of his/her vested benefit (unless Form 5558 has been filed, in which case deadline for notice is extended until October 15) By July 31, file Form 5330 to report any excise taxes related to employee benefit plans, such as late remittance of participant contributions, etc. By July 31, file IRS Form 720 and pay first new PCOR fee ($1 per covered life for 2012, for health plan year ending 12/31/12) By July 31, distribute Annual Funding Notice for defined benefit pension plans with less than 100 participants, if Form 5558 was not filed to extend this deadline to October 15 7

8 8

9 AUGUST 2013 By August 1, work with 401(k) plan recordkeepers to provide annual fee disclosure information (annual requirement, but no magic to this date) By August 15, verify that 401(k) plan recordkeeper has distributed quarterly benefit statements to 401(k) Plan participants for the quarter that ended June 30, including fee disclosure information By late summer (date TBD), provide new required notice to medical plan participants of health insurance exchanges being made available under health reform law. (Original deadline of March 1 st has been extended.) Have quarterly meeting of Benefits Committee to review investment performance, fees, plan administration data, and plan operational issues for quarter ending 6/30 Renewal for Group Liability Insurance Plan Review ERISA fidelity bond coverage and fiduciary liability insurance coverage levels with Risk Management Obtain renewals from all vendors Work with retirement plan recordkeepers & auditors on 5500s; work with any vendors for Forms 5500 due on welfare plans Schedule 401(k) educational seminars to be held in Fall 9

10 SEPTEMBER 2013 By September 15, fund all employer contributions to retirement plans so that deductions can be taken on corporate tax return that is filed on extension Finalize budget for next plan year. Conduct 401(k) educational seminars for employees By September 15, file 8928 reporting any excise taxes under COBRA, HIPAA, health reform (assuming corporate tax return otherwise due on March 15 th has been extended) By September 23, final HIPAA regulations take effect; need to have updated policies & procedures and distributed new Notice of Privacy Practices By September 30, distribute SARs for calendar year plans, unless extension has been filed (permitting distribution by December 15) By September 30, actuary must certify AFTAP for 2013 plan year for defined benefit pension plan 10

11 OCTOBER 2013 By October 1, verify with broker or insurer that MSP data reports were filed with CMS By October 15, distribute notice of Part D creditable coverage (unless that has already been provided in open enrollment materials) By October 15, file Forms 5500 for retirement plans, and for any health and welfare plans with more than 100 participants (assuming extensions were filed by July 31 st ), By October 15, assuming Form 5558 was filed for retirement plans, file Forms 8955-SSA identifying participants with deferred vested benefits under retirement plans; provide notice to terminated vested employees reported on the Form 8955-SSA about the amount of their vested benefits By October 15, pay 3 rd quarterly contribution to defined benefit pension plan By October 15, pay to PBGC variable rate premiums for large plans (more than 500 participants), and flat-rate premiums for mid-size plans (between participants) By October 15, if Form 5558 was filed for a small defined benefit pension plan (less than 100 participants), distribute Annual Funding Notice Finalize and distribute open enrollment communications and SBCs. Note: Open enrollment materials for any non-grandfathered plan should include: Medicare Part D notice COBRA general notice HIPAA notice of privacy practices WHCRA notice CHIP notice ERRP notice Michelle s Law (if student status is used to determine eligibility for any purpose) Working with 401(k) plan recordkeeper, begin preparations of QDIA notices (to be distributed by November 30) By October 30, provide a Notice of Benefit Restrictions if the 9/30/13 certified AFTAP is less than 80% and the notice was not previously provided 11

12 NOVEMBER 2013 By November 15, verify that 401(k) plan recordkeeper has distributed quarterly PPA benefit statements to 401(k) Plan participants for the quarter that ended September 30, including fee disclosure information By November 30, prepare and distribute QDIA notice for 401(k) Plan Open Enrollment (dates TBD). Have quarterly meeting of Benefits Committee to review investment performance, fees, plan administration data, and plan operational issues for quarter ending 9/30 12

13 DECEMBER 2013 By December 15, Summary Annual Reports for retirement plans, and for Health and Welfare Plans with more than 100 participants, must be received by each participant, beneficiary in payment status and any alternate payee (including mailings to retirees and former employees), assuming the Forms 5500 were on extension and were filed by October 15. Also post the Summary Annual Reports on the HR intranet and send electronic notification to staff By December 31, adopt any interim amendments to calendar year plans that have taken effect during the year (including IRC Section 436 benefit restrictions for any defined benefit pension plan) Remind employees and participants to review the over-50 catch-up contributions, effective January 1 Notify staff re: increases in the regular and catch-up contribution limits, effective January 1 Work with Finance & Payroll to set up internal systems to reflect retirement plan contribution and compensation limits for following year By December 31, adopt formal amendment to any health FSA plan to reflect reduction in employee contributions to $2,500 that became effective January 1, 2013 By December 31, annual required minimum distributions from retirement plans are due to be paid by retirement plan recordkeepers By December 31, process corrective distributions for failed 2012 ADP/ACP test with 10% excise tax By December 31, provide participants in any defined benefit pension plan with an annual notice about the availability of pension benefit statements 13